MINNEAPOLIS, MN - In an effort to expand into key urban areas and attract a younger demographic, Target is continuing its expansion efforts in New York City—with new small-format locations slated to be built throughout the city in the next four years.
New locations include an Upper East Side store, at 70th Street and Third Avenue, slated for early-2019; a Staten Island store, also slated for next year, and an Astoria location, near Ditmars Boulevard and 23rd Avenue, slated for 2022. According to a post on Target’s website, these new stores are expected to measure 22,600-, 46,000-, and 47,000-square-feet, respectively, considerably smaller than the typical Target superstore.
A CNBC report on the new stores noted that Target expects to operate 130 small-format stores, throughout the U.S., by the end of 2019—and already operates a small-format store in New York’s Tribeca neighborhood. The company’s previously announced expansion plans also include a smaller store in Hell’s Kitchen, slated for 2019, and locations on the Lower East Side and East Village scheduled to open this summer.
These are the latest locations in Target’s continued efforts to expand its presence in the Big Apple; the company opened six locations in the city throughout the last year. Additional small format locations in Chicago and other locations throughout the Northeast have also been announced.
Target's CEO Brian Cornell has already noted the success of the company's continuing shift into smaller formats has been met with propitious success.
Could this focus on small format indicate a sea change for the retailer? Last February, Target shuttered a 914,000-square-foot e-commerce distribution facility, reportedly favoring an online distribution strategy that would turn the company’s individual stores into “mini-fulfillment centers.” And the company announced plans, in March of last year, to make significant investments in reimagining and revamping its brick and mortar stores.
AndNowUKnow will continue to report on Target's small-format expansion and other important retail news.
